Fixed Income Style Quote
These pages cover submitting and managing passive (resting) liquidity using the Fixed Income Style Quote model. Only implement this section if your system cannot send NewOrderSingle (35=D). This is unrelated to the RFO workflow.
If you have the flexibility, OpenYield recommends using the Equity Style Order model instead — it is simpler to implement and maps directly to OpenYield's internal model.
| Message | MsgType | Description |
|---|---|---|
| Quote | 35=S | Submit a new resting quote, update it (same QuoteID), or cancel it (price and size set to zero). |
| Quote Status Report | 35=AI | OpenYield acknowledgment for quote accepts, rejects, and cancels. |
| Execution Report | 35=8 | Fills against the quote. |
Warning: Do not use QuoteCancel (35=Z) to cancel a single quote. On OpenYield, 35=Z is Cancel All — the "Big Red Button" that pulls every order and quote for your firm and deactivates your access during market hours.
Resting quotes are redistributed on the Order Book feed for other participants to trade against. If a quote crosses the market at submission, OpenYield treats it as a taker order and fills it immediately.